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Apple, Google, and Meta may soon challenge the banking industry’s dominance as the GENIUS Stablecoin Act opens the door for high-yield stablecoins to reach billions of users.
According to Tushar Jain, co-founder of Multicoin Capital, the newly enacted GENIUS Stablecoin Act could mark the “beginning of the end” for banks’ long-standing advantage over retail depositors.

“Banks have been paying near-zero interest to customers while earning big profits. The GENIUS Bill changes that dynamic,” Jain wrote on X. “Banks will now be forced to offer higher rates, squeezing their margins significantly.”

Tech Giants Poised to Compete With Banks
Jain believes that tech giants like Apple, Google, and Meta will leverage their massive user bases — or what he calls “mega distribution platforms” — to deliver superior financial products. These could include stablecoin-based accounts with attractive yields, instant global payments, and seamless digital experiences integrated directly into apps used daily by billions.

A Fortune report from June already suggested that Apple, Google, Airbnb, and X (formerly Twitter) were exploring launching their own stablecoins.
Bitwise CEO Hunter Horsley echoed this view in an October 6 post on X, predicting that these companies will first roll out digital wallets before integrating stablecoins — effectively turning them into modern financial super apps.

“Software is eating the world,” Horsley said. “The financial system is next.”

He added that through stablecoins and tokenization, users will soon be able to earn yield, store value, and trade both crypto and tokenized securities — all from within tech platforms.
Banks Offer 0.4%, DeFi Offers 4%
Stripe CEO Patrick Collison highlighted the sharp contrast between traditional banks and decentralized finance (DeFi). He noted that the average savings rate in the U.S. is just 0.40%, and in Europe, it’s even lower at 0.25%.
Meanwhile, DeFi platforms like Aave offer 4.02% on USDT and 3.69% on USDC, showcasing how on-chain yield opportunities dramatically outperform legacy banks.

“Consumer-hostile banks are in a losing position,” Collison concluded.

$6.6 Trillion Could Exit Traditional Banks
The U.S. Treasury warned earlier this year that widespread stablecoin adoption could drain up to $6.6 trillion from the traditional banking sector.
Data from DeFiLlama shows that stablecoin market capitalization has surged to an all-time high of $302.4 billion, up from roughly $255 billion in July — with over $5.4 billion added in the past week alone.
While growth remains strong, the Bank Policy Institute cautioned in August that this trend could heighten deposit flight risks and reduce credit creation, potentially leading to higher rates and fewer loans for businesses and households.
Banks Already Tried to Block Stablecoin Yields
The GENIUS Act, passed in July, established a clear framework for U.S.-based stablecoin issuers, defining compliance and reserve standards. However, it also banned issuers from directly paying yield or interest to holders.
Crucially, the law does not prohibit third-party platforms — such as exchanges or fintech partners — from distributing those yields on behalf of issuers.
For instance, while Circle, the company behind USDC, cannot directly pay yield, Coinbase can share interest earnings with users who hold USDC on its platform.

“The banking lobby tried to protect their profits through the GENIUS Act’s yield ban,” said Jain. “But that restriction is easily bypassed — as Coinbase’s yield program proves.”

The Bottom Line
The GENIUS Stablecoin Act could reshape global finance by putting yield and transparency back in the hands of everyday users — and Big Tech is perfectly positioned to accelerate that shift.
If Apple, Google, and Meta embed stablecoins into their ecosystems, banks may soon face the most disruptive competition in decades — not from other banks, but from the apps that already dominate consumers’ lives.

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